Tools Insurance

Tradies call it Tools Insurance, in the insurance world, we call it General Property Cover. It’s the same thing. It’s a cover for your portable or valuable items that you usually carry around with You in the course of your Business. Its an accidental loss or damage cover. So if your tools are stolen from a van or you accidentally dropped your Milwaukee Framer from height, you are covered.

At a very high level, there are two parts to this cover:
– Unspecified Items Cover: Most people start with this part, they estimate the total value of their portable tools and equipment to cover say $10,000 and get cover for that. Key to note, for any individual item the maximum you can usually claim is $2,500.
– Specified Items Cover: If you have piece of equipment that is worth more than $2,500, you need to specify that item on your insurance.

CAUTION: There is a basic version of this cover also available that often causes a great deal of pain to Tradies. At CoverTradie we don’t recommend that cover because it amounts to almost money wastage.

Please feel free to ask us any question and we’d be delighted to answer them in detail.

Absolutely, clever tradies look after their tools but when bad luck strikes, there is tools insurance. A Tradie faces many risks with regards to their tools. Firstly, the risk of theft and stolen goods, from vehicles, worksites etc. Secondly, the accidental damage, heard of a situation where different trades working on a worksite together and someone drives the skid-steer over your kit that was put down only momentarily.

A simple check on police data highlights, theft from vehicles are pretty common, often at places where you wouldn’t expect. A common one is theft in the parking lot of a pub or hotel where you have gone to have a meal after work.

We might be biased as we work in the insurance industry but chats around worksites or summer BBQs might also tell the story on how frequent these losses are that make Tool Insurance a no brainer for any serious tradie.

Apprentices are often looking for the cheapest insurance available out there and that’s understandable. You are just starting out in life, money can be tight etc. There is no special insurance for Apprentices, but there is special service for them from CoverTradie.

Like you, we were new at some stage in our life and there have been people who have helped us along the way. We’d be more than happy to help you find the right coverage at the right price. Give us a call to discuss.

In addition to learning about the coverage of your insurance policy, knowing the cost of Tool Insurance is an important part in making the decision whether purchasing that policy makes financial sense or not.

Prices start as low as $30 per month for a startup tradie. A lot of factors like the location, your occupation, your turnover etc. determine the final price you end up paying. For an exact quote that is relevant to your situation, give us a call and we’d be more than happy to help you get a Tools Insurance policy that is very affordable.

Yes, the Tools Insurance we organise for our customer does provide cover for Tools in your van or ute. From a risk management perspective, we recommend you park your van our ute inside a locked garage at night because it reduces the risk of theft from vehicle at night.

Whilst you will be covered if something bad does happen, it is important to note that customers with claims do tend to lose their no claims bonus and often the price of same cover at renewal goes up due to that. Hence why getting the right insurance and also managing your risks that prevent claims results in the best long term outcomes for the customers.